As 2012 has just arrived and plans are being made to engage with and encash the emerging opportunities, this
article uses the prediction of global experts and research firms to remove the veil from the crystal ball and bring
to you predictions of the emerging technologies and assess their impact on the role of accounting fraternity in
2012 and beyond. Hopefully you will gain insights on the challenges in the road ahead and prepare your plans
to leverage the technology advances for the betterment of your professional career whether you are in practice
or in employment.

The Evolving Role of IT

Information technology is all pervasive and the impact is extensive : for enterprises, professionals and : individuals. ITencompasses all: aspects of functioning of enterprises : from strategytooperations, conception : to completion and from ideation to : value creation. Business, regulatory : and competitive requirements are: demanding innovation in technology :
deployment resulting in changing: business models of delivery of: services using diverse digital media. : Successful enterprises in the digital : age are those which create positive : customer experience and make this : their business lifeline. IT is crucial : for delivering a positive customer: experience and this in turn drives : revenue and growth. Enterprises,:
professionals as also individuals are : becoming increasingly dependent: on IT and need to knowingly or: unknowingly embrace IT IT is: evolving at an accelerating pace and : the role of IT is transforming business : processes. It is expected that role of : IT in enterprises will fundamentally : change from being a service: provider to IT becoming a Service :

Broker, aggregator of services and : primarily responsible for building, : maintaining and sustaining the: business relationship by rendering : core services to the customer. :

Challenges of the Future for CAs

The core competencies a CA are : a unique combination of knowledge : and skills in various aspects of: accounting, assurance, information : systems, governance, management, . risk, controls, regulatory compliances, : business processes, human relations, : technology and related areas: relevant for enterprises of all types : and oriented towards the objective :
of providing value and deliverables : as per requirement of clients/users. : Studies by reputed accounting: bodies across the world suggest: that continuous enhancement,: upgrading and updating of the core : competencies is the key to sustaining :
a competitive and differential: advantage in the marketplace. This : leads to a continuing pressure on CAs : to expand their skills and services : beyond traditional roles to broader : based and decision-making skills by : harnessing the power of technology. : The dynamic changes in IT create : challenges not only for the CAs as : professionals but also the economic :
and business world. :